As a seasoned crypto investor with a keen eye for political trends and a not-so-distant memory of the 2020 election cycle, I find myself intrigued by this new development – Crypto for Harris. Having witnessed the industry’s political donations swing from one party to another, I can’t help but feel like we’re in the midst of a high-stakes game of crypto poker.
In an effort to gain support from the Democratic Party prior to the 2024 presidential election, the cryptocurrency sector is stepping up its initiatives. A fresh group has emerged aiming to combat the increasing sway of former President Donald Trump among crypto enthusiasts.
Political Crypto Battle
As reported by Fortune, a grassroots group named ‘Crypto for Harris’ is spearheading an initiative. On Wednesday, they will be hosting a virtual meeting, inviting notable Democratic politicians and crypto industry leaders. The aim, as stated by organizer G. Clay Miller, is to redefine the public perception regarding cryptocurrency and the Democratic party.
“Democratic cryptocurrency advocates were brimming with suppressed enthusiasm, viewing this situation as an opportunity to redefine the Democratic Party’s stance on cryptocurrencies,” Miller, a former Senate assistant and organizer for Elizabeth Warren’s 2020 presidential campaign, shared with Fortune.
As a crypto enthusiast, I’ve noticed an influx of financial support from the digital asset sector during the recent election cycle, with a significant portion coming from Sam Bankman-Fried and his now-defunct company, FTX. This influential figure and organization contributed more than $93 million in donations to candidates across the political spectrum.
After Sam Bankman-Fried’s fall from grace, Democrats swiftly distanced their association with the scandal-ridden founder, adopting a more cautious approach towards the sector instead.
Currently, Republicans are taking a leading role in the digital asset industry, sponsoring two bills that have progressed from the House Financial Services Committee.
Numerous figures within the industry have criticized officials and political appointees from the Biden administration, as they believe these individuals are responsible for the persistent regulatory scrutiny of the sector by entities such as the Securities and Exchange Commission (SEC).
Due to this change, various industries are swiftly seeking to replace the political donation gap left by Bankman-Fried, with firms like Coinbase and a16z crypto taking the lead in lobbying and funding initiatives. Organizations such as ‘Stand with Crypto’ and Fairshake, a substantial digital asset-focused super PAC boasting over $200 million, are at the forefront of these efforts.
Countering Former President Donald Trump
The recent support for Bitcoin and digital assets by the former president has added complexity to the Democrats’ attempts to gain favor within the industry. Previously criticizing Bitcoin as a “scam,” Trump has since transformed into a vocal advocate for the sector, delivering a passionate speech at the 2024 Bitcoin conference in July.
“According to Miller, if you examine the behaviors of the Trump administration during his presidency, it wasn’t overly favorable towards cryptocurrencies. There seems to be some confusion among pro-crypto Republicans about the level of support Trump truly had for digital currencies.”
As a crypto enthusiast, I’ve noticed that Vice President Kamala Harris hasn’t openly expressed her views on digital assets yet. However, her team seems to be taking strides towards the blockchain sector. They’ve even arranged confidential discussions with key players in the industry, which is a positive sign of engagement and potential future developments.
As a crypto investor, I must acknowledge that there are voices expressing doubt regarding any significant shift in crypto regulations under the Biden administration. This is due to some of his key advisors holding anti-blockchain stances in their previous roles.
According to the latest update, the “Crypto for Harris” event scheduled for Wednesday will be attended by several Democratic politicians who support digital assets, such as Representatives Ritchie Torres and Wiley Nickel, along with a pre-recorded message from Senator Kirsten Gillibrand. However, it’s worth noting that no representatives from the Harris campaign are expected to be present at the event.
Miller, along with Democratic strategist Will Schweitzer and ex-Justice Department lawyer Amanda Wick, are yet to finalize their group’s objectives following the town hall meeting. These may involve a nationwide tour, potentially involving fundraising activities.
As an analyst, I find that while incorporating cryptocurrency into Harris’ campaign might not necessarily steer the campaign direction or attract the entire financial industry, the intention is clear: to initiate a dialogue and somewhat dampen the excitement surrounding Donald Trump’s affinity for digital currencies.
“Miller stated that the concept originated following Trump’s influence in garnering significant backing within the cryptocurrency sector. The intention was to present an alternative perspective and argue why Democrats could position themselves as the party advocating for cryptocurrencies.”
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2024-08-15 17:37